This paper investigates how the ownership and the procedure for the selection of firms operating in the local public transport sector affect their productivity. In order to compare different institutional regimes, we carry out a comparative analysis of 72 companies operating in large European...

The economic impact of privatisation is hard to assess. This paper extends the analysis of Florio (2004) in four directions. It argues that a welfare assessment of privatisation must include an evaluation of the performance of public enterprises in light of their originally broad set of...

In this paper it is argued that privatization is not the only alternative to public ownership. Adopting the incomplete contract approach, it is shown that partial privatization may well be the optimal ownership structure. While in the standard incomplete contract model joint ownership is usually...

This paper investigates how the ownership and the procedure for the selection of firms operating in the local public transport sector affect their productivity. In order to compare different institutional regimes, we carry out a comparative analysis of 72 companies operating in large European...

In contrast to the privatization and regulatory reforms currently underway at European airports, airports in the US remain publicly owned. There, airports negotiate legally binding contracts with airlines and finance large investment projects with revenue bonds. Applying insights from...